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efforts to reach a deal over the fiscal cliff. the president needs to make the next move. >> it is not going to help our economy, and it is not going to help those seeking work. i came out to put revenues on the table and to take a step toward the president to resolve this. when is he going take a step toward us? >>> welcome back and time for a quick check of the head loins. headlines. john mcafee is fighting deportation from guatemala to belize. he is wanted for questioning in the death of a neighbor. he became a millionaire after developing anti-virus software. >>> and former south african president nelson mandela is undergoing testing at a hospital. the 94-year-old hasn't made public appearances for years. >>> and a massive typhoon devastating the philippines has made a u-turn. the storm already killed nearly 600 people, and now it is threatening to mick a second land -- threatening to make a second landfall. greg? >>> president obama asking pong for tens -- asking for tens and billions of dollars. he is calling for $64 billion for hard-hit new york and nerming new jer
't support any deal to avoid the fiscal cliff if it doesn't include higher tax rates on the wealthiest americans. nbc's mike viqueira at the white house for us. mike, we are 24 days and counting. where does the situation stand right now? >> reporter: which is over at the advent calendar here and start counting down the days to the fiscal cliff. the president said this morning in his weekly address he will not compromise on this issue of raising taxes. no compromise. he said i think it's the most forecefully he's ever said it, alex. there is some wiggle room. how high are the rates going to go for the wealthiest americans. visiting a d.c. area diner, vice president joe biden said if the gop were willing, a debt deal could be done in short order. >> it would take 15 minutes from the time the decision was made by the speaker of the house to pass and make permanent the middle class tax cut. the president would probably have me sprint up to the hill to bring the bill down for him to sign. >> reporter: but even after the latest in a series of private calls with the president, house speaker j
a deal on the fiscal cliff, or that they drag it out over a number of months. and that that really erodes confidence. >> repoer: against that backdrop, the federal reserve is trying to do all it can to help the economy. the central bank is widely expected to announce an extension of its bond buying program when it meets next week. erika miller, "n.b.r.," new york. >> tom: with the fiscal cliff about three weeks away, washington hasn't made much progress to avoid it. that was the assessment from one of those directly involved: house speaker john boehner. the top republican today accused president obama of, "slow walking", the economy to the edge of the cliff. he repeated his call for the president to send congress a plan that can pass both houses of congress. tax rates are the major sticking point. the president wants to raise them for america's highest earners, house republicans strongly oppose: >> instead of reforming the tax code and cutting spending, the president wants to raise tax rates. but even if the president got the tax rate hike that he wanted, understand that we would continue
and the president have 24 days to reach a deal, before the fiscal cliff's tax hikes and spending cuts take effect. >> susie: mark zandi says "bad things will happen to the economy pretty fast" if lawmakers don't settle the fiscal cliff issue. he's chief economist of moody's analytics. so mark falling off the fiscal cliff means bad things. how bad? >> it could be quite bad, susie. i don't think it's if we get into january and we haven't settled this but if house makers haven't nailed this down by early february, i think stock investors, bond investors will start to get very very nervous, start selling, risky businesses pull back and by the end of february when we start approaching the ceiling for the debt limit, i think we'll be back in recession. it will be a fairly severe recession. so policy makers have a few weeks but not much more than that. they have to get this together. >> susie: some people are saying that today's jobs report is very encouraging and that you can look at this as a way that maybe the economy can handle some stuff belt tightening because things are looking a little bit bett
for your future. ♪ >>> if congress and the president can reach a deal on averting the fiscal cliff it may well mean higher taxes for the wealthiest americans. cnn political editor paul steinhauser explains what that means. >> hey, joe. raising taxes on high earning americans is the biggest sticking point between president obama and congressional republicans as they try to hammer out a deal to avert the country falling off the fiscal cliff. >> let's allow higher rates to go up for the top 2%. by doing that alone we raise almost trz z $2 trillion. >> increasing rates will hit small businesses that produce 60 to 70% of the new jobs in our country. >> most americans agree with the president. a majority say they are okay with raising taxes on people with incomes over a quarter million a year. this poll is one of three surveys out over the past week and a half to indicate the public gives a thumbs-up to raising taxes on high earners. the polls indicate a big partisan divide with democrats and independents supporting such a move and a majority of republicans opposed. the polls also suggest that
. >>> meanwhile, back in washington, with just over three weeks left to make a deal on the fiscal cliff, both sides out with new statents today. and on the surface, they still sound far apart. president obama this morning saying he's going to insist on raising taxes on the wealthiest americans no matter what. >> if we're serious about reducing our deficit while still investing in things like education and research that are important to growing our economy, and if we're serious about protecting middle-class families, then we're also going to have to ask the wealthiest americans to pay higher tax rates. that's one principle i won't compromise on. >> meanwhile, on the other side of the aisle, republican senator marco rubio gave the weekly republican address today. part of his message? the tax rate should not go up on anyone including the top 2%. >> we must reform our complicated, uncertain, job-killing tax code by getting rid of unjustified loopholes. but our goal should be to generate new revenue by creating new taxpayers, not new taxes. >> joining me, author of "the escape artists: how obama's
the president adopted a strategy to slow walk our economy to the edge othe fiscal cliff. -- edge of the fiscal cliff. >> vice president joe biden said a deal could be done in 15 minutes. he made the comments during a lunch with people the white house described as middle class. >> couple hundred bay area senior citizens made noise today about the fiscal cliff. [ music playing ] >> they held a flash mob in front of the federal building in downtown san francisco. they are rallying for social security, medicare and medicare. they support the president's plan. >>> another winner. what we know about the latest person to claim a huge power ball jackpot. >> the weather is looking nice. the warmest day of the weekend and when shower chances return in the five-day forecast. >> parents complain their daughters are being bullied. we will tell you what is happening at a middle school. [ laughter ] [ girl ] wow, you guys have it easy. i wish i had u-verse when i was your age. in my day, we didn't have these fancy wireless receivers. blah blah blah. if i had a sleepover, i couldn't just move the tv into the
. the threat of going over the fiscal cliff is overblown. it will get done in an 11th hour deal. as you read the politics at play, what do you see? >> both sides digging in. you played the president saying, i want that rate hike. the republicans say we'll give you the revenues but not through a rate hike. the president believes he won the election and he upped the ante saying he wants twice as much in tax revenues than he wanted a year and a half ago. the president believes he has higher ground under this. i think maybe the democrats have a deeper trench, if you will. they have public opinion on their side. if you talk to people in washington there is a sense that at the last minute reason will prevail. there is a not a lot of optimism. you know this and my colleagues know it better than i do. more people are talking about the threat that if you don't deal with it you will send the united states back to recession and the global economy is teetering on recession. the stakes are in their political vaults. maybe they're blind to the enormous stakes. >> let me share something that struck me from
is there's going to be a deal in place, that we're not going to drive over the fiscal cliff. something else that's resonating outside the beltway is that house members decided to call it a week by wednesday. so what people are wondering is why aren't they spending the weekends working this out? why are the people outside the beltway having their financial future put in jeopardy because they can't work out a deal? >> what a great piece. thanks so much. have a great weekend. >> you bet. >> if you think this fiscal cliff fight has been a low point in american politics -- >> the president seems obsessed about raising taxes on you. >> we're not insisting on rates just out of spite or out of any kind of partisan bickering. >> i'm going to tell you why it might seem downright friendly compared to the next legislative battle. [ female announcer ] beef, meet flavor boost. flavor boost, meet beef. it's swanson flavor boost. concentrated broth to add delicious flavor to your skillet dish in just one stir. mmm! [ female announcer ] cook, meet compliments. get recipes at flavorboost.com. for their annua
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and more on the fall out in of the looming fiscal christ u cliff. there will be no deal without tax increases . art lakker former member of the reagan advisory board said it is not good economics and it will contribute to more lay offings. he predicts despite the protest, the gop will lose and the president will make good on his promise. >> we want higher tax rates on the higher income earners and that the worst place to raise tax rates. they are employers and purchasers and they're the job creators and the last people you want to provide disincentives. the president will want it and giveget it and win the battle on the higher income people. >> you think that the gop will cave in. >> on this issue they have to . the gop, forgive me, uma. i am nolt an expert. i would like to see them passlet tax bill and extend it for people under $250,000 . extend the tax cuts for over $250,000 as well. in two separate bills and the democrats take full responsibility for the tax increases and they will own the bad economy of 2013 and 14 . the republicans can change government and bring back sensible
year. >> to avoid the fiscal cliff, we will be cut between the week between christmas and new years. >> we go over the cliff and get a deal right after new years. >> mort? >> the economy is going to be very weak despite the solution on the fiscal cliff. >> ryan is right on the cliff, by the way. i predict the
, obviously, second part is to deal with the fiscal cliff and he's put entitle and spending cuts on the table and i think really, the issue here is whether republicans are going to be on the tax rates for the upper income folks. if that happens i think we'll have an agreement. if it it doesn't we could go over the fiscal cliff and right now the economy is in a fragile position. >> no one can argue with that one. a lot of criticism on both sides and a lot pointing to republicans that they want to see the fiscal cliff happen. is there any upside if we actually go over the cliff? >> there's no upside if we go over the cliff and what you've seen the last couple of weeks is political theater. that's how we negotiate things here in washington d.c. and the good news, the president put forth a plan and republicans have put forth a plan and i believe that obama will have to come to the table with more spending cuts and entitlement reform and republicans might have to give in to some tax increases and the cbo do a recent report, saying if republicans get what they want in extending the entire bush tax
's the great unknown in all of this fiscal cliff fighting. some argue the country won't be badly damaged if the country hits the fiscal cliff. republicans and democrats keep arguing into the new year. others are worried failure to strike a deal could send the nation back into a recession. >> i think people understand the failure to compromise and going over the cliff could really jeopardize this recovery. the good news today about more people back at work, the unemployment rate coming down, listen, that can be reversed if people lose confidence in our future. >> the number two senate ranked democrat mr. temperature bib argues next week will be critical in terms of president obama and speaker boehner finding a compromise. shep? >> shepard: democrats are still saying what they have said all along and what the president ran on this is about taxes. >> that is true and they note president obama campaigned on upper income americans paying more so they intend to make sure that happens. the house democratic leader says the only obstacle is republicans refusing to ask the top 2% to pay more. >> t
you back to the negotiations over the fiscal cliff. and i think this raises the pressure to get a deal done. that's important. and the part of the deal that is actually not being talked about, but which will be central, is the spending side. the sequester is a very bad policy. both sides agree it needs to go away. they have to figure out how. and the tax side has to be matched by entitlent reforms, and you can pick 37 if you have the right entitlement reforms, but only 36 if you have less and you could get 38 if you have more. there's a lot of work left to be done. >> let's talk about that, robert. on the spending side. do you think that there's any way the democrats get out of this over the next 18 or 24 months without really addressing spending and probably annoying a lot of their base in the process? >> well, the president has already put a lot of spending cuts on the table. let me partially agree with doug. the employment report today was, although it looked pretty encouraging if you look at the numbers underneath the numbers, it was not all that encouraging. the labor force partic
their paychecks and health care benefits until the deal is reached on the fiscal cliff. we'll be talking about whether -- we made a mistake earlier, if that person will make a difference for republicans not a representative. if nothing is worked out before the new year, it calls for a two-year, 15% pay cut for both the president and capitol hill lawmakers. so far 10,000 people have signed it. >>> t minus 24 days and counting until the nation could begin that dreaded slide down the fiscal cliff. we're going to get to that in just a moment. well, we're going to do that now. let's listen to house speaker john boehner, he had this to say. >> this isn't a progress report, because there's no progress to report. when it comes to the fiscal cliff that's threatening our economy and threatening jobs, the white house has wasted another week. >> joining me now, white house correspondent for the hill and congressional correspondent ed o'keith. hi, guys, good to see you both. >> good morning. >> you heard john boehner. we'll start with you. meanwhile the white house say republicans are the ones to blame for
that the president has adopted a deliberate strategy to slow-walk our economy right to the edge of the fiscal cliff. >> sreenivasan: the president has insisted there will be no deal unless republicans agree to raise tax rates on the top 2%. republicans say the tax hikes would only hurt job creation. but in arlington, virginia, vice president biden said today's jobs report shows the economy is turning a corner, so it's critical to get a deal. >> there is a sense... there is a sense that if we can reach an- - act like adults and reach an agreement here on the fiscal cliff, the upside is much higher even than the downside is if we don't. >> sreenivasan: biden said the president is willing to consider what he called any serious offer. aides for the two sides were expected to continue talking, through the weekend. wall street was mostly higher on the news from november's jobs report. the dow jones industrial average gained 81 points to close at 13,155. the nasdaq was hurt by another sell-off in apple stock, and fell 11 points to close at 2,978. for the week, the dow gained 1%. the nasdaq lost 1%. this
. an apparent suicide. geraldo investigates. >> when it comes to the fiscal cliff, the white house has wasted another week. >> is the president set on driving us over a fiscal cliff unless the g.o.p. caves or can a deal be made? >> our allies no longer trust us or have confidence in us and our adversaries no longer fear us. the president can make bold statements and bold talk but i don't care they care. >> rioting in egypt. civil war in syria. and radical hamas leader is welcomed in gaza. obama's mid ootion policy is in shambles and former vice president dick cheney says the president's failure puts us all in danger. >> gong ma'am style. >> i love this little chubby south korean guy. >> it's the most downloaded video of all time. >> this is the pony, remember chubby checker. >> gangnam style. >> and bill o'reilly sits down with jay leno. we'll show you the highlights from the late night gab fest. caution, you where to internet no spin zone. the factor begins right now. >> hi everywhere, i'm laura ingraham in for bill o'reilly. thanks for watching us tonight. g.o.p. and post election blues. th
year. eric cantor says the house will be in session monday, december 17 to deal with the fiscal cliff. live coverage of the house here on c-span. the senate returns on monday at 2:00 p.m. eastern to consideration of a bill that would extend the fdic transaction guarantee program that provides unlimited deposit coverage for non-interest bearing account. the senate will consider the nomination of the assistant secretary of housing and urban development. tomorrow, we will talk about the latest news about the so-called fiscal cliff negotiations with a former congressional budget office director. then a look at the lobbying going on in washington. later, a look at developments in syria and the response from the international community. "washington journal" here on c- span. this week, we will have the vermont governor and new chairman of the democratic governors' association, who will talk about the fiscal cliff and laying the groundwork for the 2013 and 2014 elections. lives on sunday at 10:00 a.m. eastern. next, a quick look at president obama and the first family last week at the nationa
until our economy falls off the tax and fiscal cliff. just where do we stand on a deal coming out of washington, d.c.? cnbc correspondent joins us with all the details. >> reporter: as you know the white house's strategy since the election has been to break republican resistance on two issues. one is tax rates and one is an increase in the debt limit. he hasn't succeeded or budged off that attempt so far which is why john boehner came out in a news conference today and slammed the white house for not being willing to compromise. >> four days ago we offered a serious proposal based on testimony of president clinton's former chief of staff. since then there's been no counter offer from the white house. instead, reports indicate that the president has adopted a deliberate strategy to slow walk or economy right to the edge of the fiscal cliff. >> a few hours later you had a slight indication of flexibility from the administration. vice president joe biden was out. he reiterated those two nonnegotiable demands on the part of the administration but said the actual amount of that top rat
on averting the fiscal cliff. negotiations are pretty much at a standstill, but if you ask house speaker john boehner, he has an idea of who's holding things up. >> there are a lot of things that are possible to put the revenue the president seeks on the table. but none of it's going to be impossible. the president insists on his position. insists on my way or the highway. >> in his weekly white house address this morning, president obama responded to boehner's remark. >> i'm willing to make more entitlement spending cuts on top of the one trillion dollars in spending cuts i signed into law last year. but if we're serious about reducing our deficit while still investing in things like education and research that are important to growing our economy, and if we're serious about protecting middle class families, then we're also going to have to ask the wealthiest americans to pay higher tax rates. that's one principle i won't compromise on. >>> holiday hiring may have given a big boost to the jobs report released yesterday. retail hirers hired more people than any month on record since 1939. 146
in washington where tonight we're no closer to compromise on a deal to avoid that show called fiscal cliff. >> it was also warm in the nation's capital despite the chill between democrats and republicans. >> president obama dug in his heels insisting on tax increase or higher earners. >> and they both agree he that the other's proposals are ridiculous. >> just a sampling of the coverage this week as the media keep a watch on what's done or not to avert the fiscal cliff. >> jim shall the overriding theme in the media seems to be that president obama won the election and therefore should do what he wants and the media seems to forget na john boehner and everyone else won their elections as well and they're a co-equal branch of government. >> i think the media loves the story of president obama's comeback and the new york time describes him as disciplined and unyielding and focused on this and i think there are other media stories as well. the second media story or narrative. which one wants to grow by virtue of the tax increases and get new perspective from the mainstream media and the third
. the fiscal cliff is a very real danger to the united states economy. it's a recipe for a recession. and i certainly would not like to see the rhetoric that we saw from the treasury secretary tim geithner who said he's prepared to go over the fiscal cliff. that is not a good way to talk about what's going on right now. >> mr. reich, let me ask you the same thing. do you think there's code suggesting they are working towards something? because, doug, as you point out, the language was really harsh during this week. but all of a sudden, here we are friday evening and people are saying these kind of soft things that say maybe compromise. what do you think, robert? >> i think doug is right. it's too early to break out the champagne, but undoubtedly, the rhetoric is softening as we get closer and closer to the christmas holidays. these people want to go home. they want to have a holiday. they know that they cannot go home to their constituents and say essentially, i couldn't get anywhere. we're going to go over the fiscal cliff together. and that's particularly true and particularly difficult f
now to avert the fiscal cliff. >>> and, remembering the day that will live in infamy. the ceremonies remembering the attack on pearl harbor 71 years ago today. ,,,,,,,, when i take a picture of this check, it goes straight to the bank. oh. oh look the lion is out! no mommy no! don't worry honey, it only works on checks. deposit checks from your smartphone with chase quickdeposit. just snap a picture, hit send and done. take a step forward and chase what matters. have to shell out more to re bart...even before you get n board. the price for parking has as been reasonable at bart stations. from free, to 5 bucks max. but that all could change very soon. cbs 5 reporter da lin with w bart riders have a say in te matter. da. reporter intro: this san leo bart parking lot fills up ey morningâ for busy stations like this one in the east b, some bart officials want to >>> now at 6:30, it's conjoint, it is a cost saver but -- conjoint, it is a cost saver but you may have to shell out more for b.a.r.t. the price for parking has been free to 5 buck max. that could all change very soon. da lin wi
are on the question of resolving the immediate fiscal cliff issues. how would you describe your feeling that there will be some kind of accommodation and a deal on the tax or spending sequester side or both? >> good morning. i am not gene sperling. i am pleased to be with you and give you my perspective on where we are. i will start by something i often say when i am giving remarks in my district -- that i am struck with in my district in philadelphia. people of this same group no matter how partisan or how non- partisan the group is, people will say different things to me. they will say, i want you to go to washington and stand on your principles. do not give an inch. go and fight for us. i say, i will. someone else will say, i want you to compromise, find that middle ground, and get things done. that is the 10th time that has happened. that is what they hired me to do is to figure out how we do both. it is our job as representatives in congress to fight for our values and priorities and principles we believe in and get something done. the divide that we are facing right now is -- i ho
to europe for inspiration and guidance for fiscal policy, taking greece, perhaps, as a standard for dealing with economic and budget crises. the speaker did a charge the president is slow walking the nation to the brink of a fiscal cliff. that is one of the speakers firmest in the strongest statements yet. >> this is in a progress report because there is no progress to report. the white house has wasted another week. there are a lot of things that are possible to put the revenue on the table, but none of it is going to be possible. the president insists on his position. insists on my way or the highway. lou: inconveniently the congressional budget office today reported that the federal deficit is already bulging. the cbo reports for the first two months of fiscal 2013 that number $2,902,000,000,000, $57 billion more than the same two month time span last year. and the labor department today reported the unemployment rate fell to the 77%. good news, the lowest jobless rate in four years. the lower unemployment rate, however, the consequence of the more than 300,000 people who dropped out of
prospect of the nation going over the fiscal cliff, the november jobs report delivered better-than- expected news. the labor department said the nation's unemployment rate fell to 7- point-7 percent last month, the lowest in almost four years. >> it's a steady report that shows we continue to see jobs coming back but we still have a long way to go. >> businesses added 146,000 new jobs. retailers, boosted by holiday hiring, accounted for about one- third of them. economists expected about 77,000 new jobs, given the toll of superstorm sandy and concerns about the fiscal cliff. tax increases and spending cuts are set to trigger after january first unless the white house and congressional republicans strike a compromise. house speaker john boehner said friday the president's current approach could hamper future job growth. >> because the risk the president wants us to take, increasing tax rates, will hit many small businesses that produce 60 - 70 percent of the new jobs in our country >> democrats argue that without tax increases on the the revenue necessary to combine with the sa
, health care and housing assistance are being called the fiscal cliff. the only way to i void it is for president obama and congress to make a deal, cutting spending and raising revenue. adding to the sense of urgency. news that 350,000 people simply gave up looking for work in the month of november. and while that drove the unemployment rate down to 7.7%, the fiscal cuts and tax hikes are expected to dramatically slow job creation and increase unemployment possibly plunging the economy back into a recession. let's go to dana joining us from capitol hill. the latest negotiations don't seem to be going anywhere. >> they sure don't. the house speaker ended the week by calling it a wasted week. he only had one phone call with the president of the united states and he said it was just, "more of the same." now counter offer to what the republicans put out during the week which was $800 billion in new tax revenue. so there's certainly a lot of frustration. particularly right now on the side of republicans who understand that democrats have the leverage right now. but on friday, the
, everybody is saying it is a fiscal clove -- a fiscal slope, not a fiscal cliff. it is not like a zombie accomplice happens. if market confidence was up the window, that could be damaging. >> i think is likely there is going to be a deal, some other deadline for another deal next year. it is really important and they not said a whole series of opportunities to have that kind of collapse again. they have a couple months, but they have to make sure whenever they come up with for the last significant period of time. i think that will build confidence. i want to come back to the question of housing. i think is so important to overstate the importance of housing to the economy. especially from the starter business and start up perspective. those are the companies with a lot of job creation. they all grow very rapidly, sometimes growing into large companies. they are not starting up that high written all right now. a big chunk of that is confidence. folks often do not have financial resources. if there are looking at the value of their home and 401k, they are taking a risk. there are calculati
we, on the question of resolving the immediate fiscal cliff. how would you describe your temperature, your feeling that there will be some kind of accommodation and a deal even on the tax and spending and sequester side or both? >> good morning. glad to be with you and give you my perspective on where we are. to the beginning of your question, i often say one i am giving remarks that -- people in the same group, no matter how ponce and they are, people -- no matter how partis and they are, people will say two things. i want you to go to washington and stand on your principal. i want you to fight for us. i say, i will. someone else will get up and say, i want you to compromise and find the middle ground and get things done. this is the 10th time this just happen to me. i say, that is exactly what they hired me to do, to figure out how we do both of those things. it is our job as representatives in congress, to fight for our values and the principles we believe in and still can something done. that is where we are right now. the divide we are facing right now -- i hope all parties unde
the fiscal cliff, we shouldn't do $4 trillion deal. wish to a $9 trillion deal and create the confidence in the world that we're going to manage our problems and we're going to downsize our government so we have a future. because the opposite of not downsizing, not making our choices, i don't everybody gets fired from congress, the opposite of that is at the other end of future. and the loss of freedom, the loss of independence. the morning shows today talked about our lack of power and effect in the middle east. why do you think we have lost effect and power in the middle is? because we have lost our economic might and we are losing the power and effect of our military might. and we won't have the money to continue to be a force for good in the world, because we will not live within our means. so the debt bomb is coming. the question is how do we defuse it? to maintain what we need to do to help the people that really need help in this country, but i should get together and work and solve the problem rather than play the political game. we are already playing a political game about the
't really answer. >> tax rates. are you -- is there no deal at the end of the year if tax rates for the top 2% aren't the clinton tax rates, period. no ifs, ands or buts on that specific aspect of the fiscal cliff. >> with respect to the tax rates, i want to emphasize, i am open to new ideas. i'm not going to slam the door in their face. i want to hear -- i want to hear ideas from everybody. >> that's not a no. here is the treasury secretary timothy geithner. >> there's no agreement that doesn't involve the rates going up on the top 2%. >> not necessarily going up to the clinton era rates. just going up. today at a press conference at the capital, bain got a question about this. listen carefully to how he responded or didn't respond. >> you did speak with the president earlier this week. can you characterize this call? and also we understand that he just is making clear that it's got to be increasing rates for the wealthy or no deal. are you willing to give a little bit? maybe just not all the way to 39.6? >> the phone call was pleasant, but just more of the same. the conversations that the
is with the fiscal cliff looming to the point where it's now mainstream that your take-home pay is going to be reduced by a shocking amount in one month if there's no deal. things ain't getting better. which is why this lulu lemmon number yesterday was astounding. it's so astounding. we have to go through the usual rigamarole to see it, though. first they had a spectacular 18% comparable same-store sales gain. the stores last year, they beat them by 18%. the best i've seen from any company that has hit my eyes in the last three months. by the way, that's coupled with some terrific gross margins. it looked like it was enough to send the stock to the low 70s instantly from the high 60s before it reported. but the downbeat high single-digit comp store projections, mentioned later in the earnings release, stopped the elf in its tracks, reversed it, and the stock dropped to the mid 60s almost instantly, again, all before the market was open. and there it lay until the conference call began. on that call you realized very quickly five things about lulu that no other company has. first the runw
? >> the fiscal cliff. because they have to. it is in writing, it's a law that if they don't get a deal together, we go over the cliff and 1.2 trillion dollars, 600 billion out of spending and 600 billion in taxes and force-- >> i remember when i was in school, this is just like a year ago, really, no, quite a while ago. i remember talking in school about us being in debt and it was like reaching a trillion dollars and the teacher asked us to wrap our hands around this idea of a trillion dollars. now, we're seeing 16 trillion dollars. i can't wrap my head around a trillion to try to-- >> and then jay carney saying that's not the focus getting us out of debt and i use my dad as a reference to the first hour of the show. like my dad handing me a credit card going off to college, you know what just put whatever you want on there, keep spending, that's not our focus. >> clayton: we're not going to pay for it. >> part of the deal president obama of brought to john boehner, let's reof move the debt ceiling and take the limit on the credit cards. >> ainsley: let me tell you dad said this is emergency o
. charles, bring it round to the fiscal cliff because it's all interwoven here. it's all about basically where should government be spending money, where should cuts be made, and who ends up paying the lion's share of this. my sense is this will not go over the cliff and the reason it won't is that public opinion is now raging so hard against the republicans in all the polls that you see, they've lost the argument so why go over a cliff and make it worse for yourselves. >> i think you're right about that, because all of the polls i've seen say exactly what you're saying which is that the republicans will be blamed if we go over the cliff. but the first part of your question i think is the more crucial part of the question, which is how do you not cut off your nose to spite your face. if you do things, you make cuts that harm children who need to learn, who need to be able to go to school on a full stomach and be able to stay a whole day and have programs that will allow them to be competitive with children in china and india, if you need that to be a real situation in america for us to b
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